The U.S. Department of Treasury announced its final rule for the Section 48 Investment Tax Credit. Funded by the Inflation Reduction Act, the tax credit invests in renewable energy projects across several sectors including solar, geothermal, on- and offshore wind, energy storage, and more. 

The final rule expands the definition of “energy project” to maximize who can benefit from the tax credit and provides additional eligibility pathways for energy storage applicants. 

Following the announcement, the BlueGreen Alliance released a statement from Executive Director Jason Walsh: 

“The Biden administration has used everything in its power to secure our clean energy future. The Section 48 Investment Tax Credit will bring us closer to this vision, allowing developers to break ground on projects that will clean up our climate, create good jobs across the nation, and provide the family-sustaining wages that build thriving communities. We are excited these credits can go to even more applicants than anticipated under this final rule and thank the administration for its leadership.”